[ad_1]
The global crypto market cap jumped to $1.34 trillion, a 2.81 per cent increase over the last day. However, the total crypto market volume tanked 22 per cent to $864.87 billion.
Investors are making large bets on blockchain-based stablecoins such as Tether and the upcoming Diem as these tokens are not as volatile and speculative as Bitcoin and instead seek acceptance as one-to-one clones of national currencies.
“As expected, crypto space has entered consolidation, after an intensely volatile week. Over the next 24 hours, we can expect the markets to remain a bit indecisive. However, short-term traders need to be more careful in shaky markets, where stop losses can get triggered on either side,” said Edul Patel, CEO and Co-founder of Mudrex.
Cryptocurrency startup Solidus Labs has hired Kathy Kraninger as its top regulatory official, she said. Kraninger was the former director of the US Consumer Financial Protection Bureau (CFPB) in the Trump administration.
Australia’s Zip is looking to provide users a chance to trade in cryptocurrencies, co-founder Peter Gray said, as established players in the sector test newer areas of business to power growth. Zip is a buy now, pay later company.
Tech View by ZebPay Trade Desk
BAT (Basic Attention Token) derives utility from the Brave browser. It has seen better mass adoption among both retailers and publishers, over the past few months, and coupled with the fact that BAT is still relatively undervalued given its utility, acquiring the asset at these levels seems to look like a highly attractive proposition for long term investors. In addition, as the ERC-20, and DeFi space continues to grow, this asset is poised for success.
BAT post making a weekly high of $0.60135, corrected almost 24% (upto $0.45582) as the candles made ‘Lower Top Lower Bottom’ formation. Currently, the asset has taken support around $0.425(previous low) and made a ‘Bullish Engulfing’ pattern which is a two day bullish reversal pattern occurring in a downtrend.
Hence to conclude, we may see some recovery in the asset unless the support levels of $0.425 or the low of the pattern($0.45582) is broken on a closing basis.
Major Levels:
Support: $0.4558, $0.425
Resistance: $0.620, $0.725
Time is in UTC and the daily time frame is 12:00 AM – 12: 00 PM UTC
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
[ad_2]
